Sorry for posting to this dead thread, but it's the first hit in google when searching for the error message - hopefully someone will find this helpful.

On my machine, this error was fixed by copying the complete GameData folder on the Porsche CD to the installation directory. Part of the GameData folder should already be there and can safely be merged / overwritten. Interestingly, on my machine, the files GameData\CarModel\cop993.crp and GameData\Music\zzzymus.viv couldn't be copied - no crashes because of those files so far.

I'm working on a Windows 7 64-Bit machine with NFS Porsche (Original) patched to version 3.5.20040310 and without compatibility mode.